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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Award the sale of the $750,000 Special Improvement District No. 541 Bonds Date: July 13, 2009 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: ADOPT A RESOLUTION TO AWARD THE SALE OF THE CITY’S $750,000 SPECIAL IMPROVEMENT DISTRICT NO. 541 BONDS AND APPROVE CERTAIN MATTERS THERETO; CONFIRM THE PLEDGE OF THE REVOLVING FUND. Recommended Motion: I move the City Council award the bid of in the amount of for the CITY’S $750,000 SPECIAL IMPROVEMENT DISTRICT NO. 541 BONDS. Timeline: Referral to committee: June 25, 2009 Committee discussion: July 13, 2009 at 6:45 PM (just prior to City Council meeting) Deadline: Have council approve at July 13, 2009 meeting Background and Alternatives Explored: The CITY’S $750,000 SPECIAL IMPROVEMENT DISTRICT NO. 541 BONDS will be sold by competitive bid on July 13, 2009. The winning underwriter will hold their bid firm for 24 hours, allowing the City Council to approve and award the winning bid based on the recommendation from City staff and the City's financial advisor. These bonds are being issued to reimburse the City for cost incurred in the 2009 construction season. These bonds allow city residents and businesses to finance their obligation over 20 years. Financial Implications: These revenue bonds will have no impact on the City’s General Fund or on the city’s general obligation debt limit. Attachments: Resolution